BlockBeats News, May 15th - Several analysts pointed out that Ethereum faces downside risks, with ETH potentially dropping another 20% to the $1,700 range. The main pressure sources are increased exchange reserves and declining ETF demand. CryptoQuant analyst BorisD noted that from May 5th to 9th, the ETH reserves on Binance surged from 3.36 million to 3.84 million, while the price dropped by 7% from $2,390 to $2,260. He stated, "This indicates that liquidity is being both absorbed and distributed. The overall structure still points to a prevailing downside risk." Another analyst, PelinayPA, shares the same view, believing that any short-term rebound will be "accompanied by high volatility, followed by a more extensive downtrend," adding, "A significant amount of ETH continues to flow into exchanges, forming a significant resistance to price increases."

On May 13th, the net inflow of ETH to exchanges surged to 585,000 coins, marking the largest single-day inflow since December 2025—when the price of ETH was around $3,000. The price then dropped to $1,750 in February this year, a 42% decrease. Such large-scale inflows usually indicate that whales are offloading. Meanwhile, the demand for spot Ethereum ETFs has continued to weaken, with four consecutive days of net outflows totaling $190 million.

Technically, the ETH daily chart shows that the rising wedge pattern has broken below the lower support level of $2,280. If the daily closing price confirms the breakdown, the target will point to the wedge's measured target of $1,725, a 22% drop from the current price, aligning with the macro low point on February 6th of this year. Analyst ShangoTrades stated that this breakdown is "starting to become worrisome." Taking a longer-term view, analyst CryptoBullGod pointed out that the bear flag pattern on the ETH weekly chart has a measured target of $1,280.